On September 2, 2025, the Securities and Futures Commission ("SFC") banned Mr. Suen Kin-wing from re-entering the industry for life due to his criminal convictions for money laundering and contempt of court.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 2, 2025, the Securities and Futures Commission ("SFC") indefinitely prohibited Mr. Suen Kin-wing, formerly an Associate Director at UBS AG, from re-entering the industry. This ban is a result of Suen's criminal convictions for money laundering and contempt of court.
The case centered around Suen's role as Client Advisor for two Mainland Chinese clients with a joint account at UBS. The clients faced difficulties transferring RMB from the Mainland to Hong Kong, prompting Suen to facilitate cross-boundary fund transfers by depositing funds into designated Mainland bank accounts.
A substantial sum, exceeding RMB132 million, was transferred between November 2016 and February 2018. However, discrepancies were discovered when the clients checked their bank statements, revealing that Suen had redirected over HK$134 million into his Hong Kong accounts, with the diverted funds used to finance a lavish lifestyle, including purchases of luxury vehicles and properties in the UK and Mainland China.
Suen pleaded guilty to two counts of dealing with property representing proceeds of indictable offenses and was sentenced to 10 years in prison by the Court of First Instance on June 21, 2024. Additionally, despite a worldwide freezing injunction against Suen in July 2018, he transferred his interests in certain UK properties to a BVI company owned by him, leading to a six-month imprisonment for contempt of court.
Given Suen's extensive criminal history and disregard for court orders, the SFC has deemed him unsuitable to continue as a regulated person.
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